Microsoft jumped after reporting stronger profit and revenue for the summer than expected, but Alphabet fell on worries about a cloud-computing slowdown.
Wall Street is slipping Wednesday following a mixed set of profit reports from two of its most influential Big Tech companies. The Standard & Poor's 500 was 0.7% lower in early trading, coming off its first gain in the last six days. The Dow Jones industrial average was up 51 points, or 0.2%, as of 9:40 a.m. Eastern, and the Nasdaq composite was 1.2% lower. Microsoft jumped 4.1% after reporting stronger profit and revenue for the summer than analysts expected.
Such strength has kept the economy out of a recession but could also be adding upward pressure on inflation. Investors banking on rate cuts may depending on a playbook that’s become obsolete, said Bryant VanCronkhite, senior portfolio manager at Allspring Global Investments. He said that may be pushing them to not take seriously enough the possibility of a global recession, which would be the result of rates left too high for too long.
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